Additional Secured Indebtedness Sample Clauses
The "Additional Secured Indebtedness" clause defines the lender's right to secure not only the original loan but also any future debts or obligations the borrower may owe to the lender under the same security agreement. In practice, this means that if the borrower takes on more loans or incurs other financial obligations with the same lender, those additional amounts are automatically covered by the existing collateral. This clause ensures that the lender maintains a secured interest in the collateral for all current and future debts, thereby reducing the risk of unsecured exposure and simplifying the process of securing subsequent loans.
Additional Secured Indebtedness. (a) In connection with the incurrence by the Borrower or any Restricted Subsidiary of any Indebtedness that is secured by Liens on the Collateral that are equal (but without regard to the control of remedies) or junior in priority with the Liens on the Collateral securing the Secured Obligations, at the request of Borrower, the Administrative Agent (including in its capacity as “collateral agent” under the Loan Documents) agrees to execute and deliver any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to any Customary Intercreditor Agreement, as applicable, and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, any Security Document, and to make or consent to any filings or take any other actions in connection therewith, as may be reasonably determined by the Borrower, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), to be necessary or reasonably desirable for any Lien on the Collateral in respect of such Indebtedness to become a valid, perfected lien (with such priority as may be designated by the Borrower, to the extent such priority is permitted by the Loan Documents) pursuant to the Security Document being so amended, amended and restated, restated, waived, supplemented or otherwise modified. In connection with any such amendment, restatement, waiver, supplement or other modification, the Loan Parties shall deliver such officers’ certificates and supporting documentation as the Administrative Agent may reasonably request. The Lenders hereby authorize the Administrative Agent to take any action contemplated by the preceding sentence, and any such amendment, amendment and restatement, restatement, waiver of or supplement to or other modification of any such Loan Document shall be effective notwithstanding the provisions of Section 9.02.
(b) The Administrative Agent (including in its capacity as “collateral agent” under the Loan Documents) is authorized to enter into any Customary Intercreditor Agreement, as applicable, in connection with the incurrence by the Borrower or any Restricted Subsidiary of any Indebtedness that is secured by Liens on the Collateral that are equal (but without regard to the control of remedies) or junior in priority with the Liens on the Collateral securing the Secured Obligations, and if any such intercreditor agreement is posted to the Lenders fiv...
Additional Secured Indebtedness. The Borrower may, subject to the terms and conditions of this Section 2.23 (Additional Secured Indebtedness), (a)(i) add one or more term loan facilities to this Agreement and the other Financing Documents or (ii) add one or more additional term loan, secured bond or other debt facilities pursuant to separate documentation (each such facility in this clause (a), “Additional Secured Term Indebtedness”) and/or (b)(i) add one or more senior revolving credit facilities to this Agreement and the other Financing Documents and/or (ii) add one or more additional revolving and/or letter of credit facilities pursuant to separate documentation (any such revolving or letter credit facility in this clause (b), “Additional Secured Revolving Indebtedness”; the Additional Secured Revolving Indebtedness and the Additional Secured Term Indebtedness are collectively referred to as “Additional Secured Indebtedness”), at its sole discretion, subject to the satisfaction or waiver of the following conditions:
(a) no Default or Event of Default shall have occurred and be continuing; provided that, if the Additional Secured Indebtedness at issue will be used to effect an acquisition permitted by the Financing Documents (i) as of the date of execution of the acquisition agreement related to such acquisition, no Event of Default under the Financing Documents has occurred and is continuing, (ii) as of the date of the consummation of such acquisition, no Event of Default pursuant to Sections 8.1(a) (Failure to Make Payments When Due), 8.1(e) (Involuntary Bankruptcy;
Additional Secured Indebtedness. The Issuer shall not, and shall not permit any of its subsidiaries to, incur, create or assume any Indebtedness secured by any Lien without the prior written consent of the Investor, in its sole discretion, other than: (a) senior credit facilities in a maximum aggregate principal amount of C$25,000,000 at any time outstanding; (b) the Secured Debentures; and (c) the Permitted Secured Debt.
Additional Secured Indebtedness. If the Company shall at any --------------------------------- time desire to incur any additional Secured Indebtedness in compliance with the provisions of Section 10.6 of the Note Purchase Agreement, the Company shall give `written notice thereof to the Collateral Agent and the other Secured Parties, and any such notice shall include calculations in reasonable detail demonstrating that the incurrence of such Indebtedness (on the proposed date of issuance thereof) will comply with the requirements of Section 10.6 of the Note Purchase Agreement. Upon receipt of any such notice, the Collateral Agent and the Secured Parties agree to execute and deliver such further instruments (including an amendment to this Agreement) and do such other acts and things as may be reasonably required to cause the Lien created by this Agreement to equally and ratably secure the obligations of the Company in respect of such additional Secured Indebtedness.
Additional Secured Indebtedness. Notwithstanding anything to the contrary in any Financing Document, Borrower, the Administrative Agent and the Collateral Agent may, without the need to obtain consent of any other Lender or Issuing Bank, enter into an amendment to this Agreement and the Financing Documents to (i) effectuate any Additional Secured Indebtedness satisfying the conditions of Section 2.24 (Additional Secured Indebtedness); and (ii) permit the extensions of credit from time to time thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Financing Documents with the Term Facility and the Revolving Facility, as applicable, and the accrued interest and fees in respect thereof (including, by administrative modifications to the “Requisite Lender” definition and related definitions).
Additional Secured Indebtedness. If the Company engages in negotiations with any Third Party in connection with incurring any Indebtedness pursuant to clause (q) of the definition of Permitted Indebtedness (“Additional Secured Indebtedness”), the Company shall give written notice to the Purchaser Agent, such notice setting out all material conditions and terms of such financing (the “Original Terms”) as proposed by such Third Party (the “ROFN Notice”). The Purchaser Agent shall have the right, within 10 calendar days after its receipt of the ROFN Notice, to propose its terms and conditions for advancing Additional Secured Indebtedness to the Company (the “ROFN Proposal”). If the Purchaser Agent proposes equivalent or more favorable (in the aggregate) terms and conditions in its ROFN Proposal to the Company within 10 calendar days after receipt of the ROFN Notice, the Company will suspend negotiations with such Third Party for 45 additional calendar days after the ROFN Proposal to provide ample time for the Company and the Purchaser Agent to document the terms and conditions of the Additional Secured Indebtedness. If (a) the Purchaser Agent fails to propose equivalent or more favorable (in the aggregate) terms and conditions within 10 calendar days after receipt of the ROFN Notice, or (b) the Purchaser Agent and the Company fail to enter into an agreement within 45 calendar days after receipt by the Company of a ROFN Proposal from the Purchaser Agent with equivalent or more favorable (in the aggregate) terms, the Company shall have the right to negotiate with and enter into any agreement for incurring Additional Secured Indebtedness on the Original Terms.